We are reaching out to provide you with an important update regarding TWINO Group’s lending operations in Vietnam and the Philippines, part of the joint venture with VIA SMS Group, operating under the brand name VAMO.

In light of recent developments within the Vietnamese market and after careful consideration of TWINO Group’s lending business strategic direction, we are informing you about the suspension of lending operations in Vietnam and TWINO Group’s decision to also exit the Philippines venture. Please see the detailed explanation of the circumstances leading to these decisions, the rationale, and how we plan to manage the transition in a responsible and orderly manner.

Suspension of operations in Vietnam. In response to a new interpretation of local legislation by Vietnamese government authorities that impact the entire non-bank lending sector in Vietnam, TWINO Group and VIA SMS Group are permanently ceasing operations in the country.

It is important to emphasize that the suspension of operations in Vietnam was not a proactive decision made by TWINO and the VIA SMS Group. However, the unforeseen and increasingly challenging local business environment has left companies with no alternative but to discontinue the operations.

Business operations of both the TWINO Group and VIA SMS Group have always been based on responsible and best market business practices, strictly complying with the legal frameworks of the countries in which they operate. In Vietnam, great efforts were made to operate in compliance with local legislation and responsible business principles to assure secure, transparent, and accessible lending solutions to Vietnamese consumers.

Throughout the whole history of the operations in Vietnam, VAMO.vn has tried to maintain constructive cooperation with local supervisory authorities. However, recently there has been a significant shift in regulators’ attitude towards the industry, leading to a growing number of repressive measures against companies providing lending services. As a result, in March 2024, due to an increasingly negative investment environment in Vietnam and concerns over employee safety, the decision was made to run down the operations in this country.

TWINO Group exiting the Philippines. Additionally, the TWINO Group has made a strategic decision to also exit the Philippines venture, therefore, suspending its operations in the Asia-Pacific region. This decision was influenced by the Vietnam exit and after a careful evaluation of the long-term business priorities and market dynamics. The company believes that by concentrating the efforts on regions and businesses where the most value and impact can be delivered, the group can better align with its strategic objectives and ensure the sustainability and growth of its operations. Exiting the Asia-Pacific market will enable more effective resource allocation, enhancing the group’s services and offerings in other markets.

Both TWINO Group and VIA SMS Group remain committed to responsible business practices and will ensure a smooth transition for VAMO employees, customers, and all stakeholders affected by this decision.

While the timeline and the action steps of the exit in both markets are still under negotiation, the process is initiated and we will update you on any developments in this matter.

We wish to reassure you that we are fully committed to safeguarding your investments and are taking all necessary measures to ensure that all investments are repaid according to the agreed terms. Our team is working diligently to manage these changes with the utmost care and transparency, and we are available to address any concerns or questions you may have regarding your investments during this transition period.

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